Billionaire oil wildcatter Harold Hamm’s Continental Sources Inc. plans to extend manufacturing because the struggle in Iran sends crude costs hovering to the best in 4 years.
“Continental is growing our capital price range, which can enhance manufacturing,” Chief Government Officer Doug Lawler mentioned in an announcement to Bloomberg.
Continental is the primary distinguished US oil producer to say publicly that it plans to ramp up output amid the Iran struggle, which has crippled provides from the Persian Gulf and despatched crude futures hovering 50% in 4 weeks to greater than $100 a barrel. Hamm is amongst US President Donald Trump’s most vocal supporters within the oil trade.
- Advertisement -
Lawler didn’t say how a lot the intently held Oklahoma Metropolis-based firm was growing manufacturing. Continental has operations in North Dakota, Oklahoma, Wyoming and Texas. It just lately started pushing into Argentina’s Vaca Muerta shale patch.
Continental produced 475,000 barrels of oil equal per day within the fourth quarter of 2025, with about 43% coming from the Bakken discipline in North Dakota and 23% from the Permian Basin of Texas and New Mexico.
Previous to the struggle, Continental had budgeted capital spending of $2.5 billion in 2026, which might have been a 20% discount in contrast with 2025.
Within the months main as much as the US and Israel’s assaults on Iran, fears of a worldwide crude glut had been forcing oil costs right down to about $60 and beneath, threatening revenue ranges for a lot of shale-oil firms.
US crude futures surged 11% Friday above $110 a barrel after Trump vowed an escalation within the struggle in Iran over the approaching weeks.
Generated by readers, the feedback included herein don’t mirror the views and opinions of Rigzone. All feedback are topic to editorial evaluation. Off-topic, inappropriate or insulting feedback will probably be eliminated.
